Having eked out a 0.1 percent gain in October, the National Association of Realtors Pending Home Sales Index, for which 100 denotes an average level of activity, dropped 2.5 percent in November and ended the month at 107.3, its lowest level since January of this year.

In the West, the Pending Home Sales Index dropped 6.7 percent last month, which was the largest drop of any region, and now measures 101.0, which is 1.0 percent lower on a year-over-year basis and versus 2.5 percent higher on a year-over-year basis the month before.